Shopify price target raised to $72 from $70 at JMP Securities

JMP Securities raised the firm’s price target on Shopify to $72 from $70 and keeps an Outperform rating on the shares. Shopify reported strong Q2 results, with revenue and GMV 4% and 3% above consensus, respectively, while adjusted operating income of $146M was nearly three times consensus of $53M, the analyst tells investors in a research note.